Asia/Pacific News
Goodfuels, Itochu Eye Singapore's Biofuel Potential
Singapore-based bunker company Itochu and GoodFuels are to work together to scale up the availability of marine biofuel in the southeast Asian bunkering hub and the wider region, the companies have said.
At the root of their agreement lies the combination of the former's trading and supply operations with the latter's understanding and expertise in sustainable biofuels, according to a statement on Itochu's website.
"Under the partnership, Itochu will be responsible for logistics, blending and distribution, whilst GoodFuels will mainly be responsible for sourcing, production, technical expertise and brand marketing," it said.
"Both parties will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing," the statement added.
The initial focus will be "on the supply of sustainable marine biofuels to all Singaporean territorial waters, waterways, and harbours, as well as prospective customers transiting the Strait of Malacca".
In its second phase, the companies plan to scale up deliveries to the wider Asia-Pacific region, including Japan.
Netherlands-based GoodFuels set up its Singapore office in February having signalled its intention to expand in Asia.
Itochu Corporation is a global commodity trader based in Japan.
